4157825 Resolution 20-14, “General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2013-2018 Congressional Review Emergency Declaration Resolution of 2013”

A RESOLUTION

                                                        

20-14  

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

January 8, 2013

 

 

To declare the existence of an emergency, due to Congressional review, with respect to the need to approve the borrowing of funds by the District through the issuance and sale of general obligation bonds.

 

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2013-2018 Congressional Review Emergency Declaration Resolution of 2013”.

 

Sec. 2. (a)  In late 2012, the Council enacted emergency and temporary legislation to ensure that the District can borrow in a timely manner and take advantage of favorable market conditions to provide funding for, or to reimburse the District for funds already expended on, fiscal year 2013 capital projects approved and undertaken pursuant to the District’s Fiscal Year 2013 Budget and Financial Plan.

(b)  The emergency legislation will expire on January 23, 2013, before either the temporary or permanent legislation is in effect.

(c)  It is important that the provisions of the emergency legislation continue in effect, without interruption, until either the temporary or permanent legislation is in effect.

 

Sec. 3. The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2013-2018 Congressional Review Emergency Authorization Act of 2013 be adopted after a single reading.

 

Sec. 4. This resolution shall take effect immediately.